Residential prices in Dubai have fallen by about 10 percent since February, said S&P Global Ratings in a new report, adding that the real estate outlook remains weak in the fourth quarter as new supply hits the market.
In the report titled “Where Is The Dubai Real Estate Market Headed?” published on RatingsDirect, S&P Global Ratings address some of the questions investors have asked us about Dubai’s real estate market and its prospects.
“We believe Expo 2020, just on the back of potential visitor flows to the emirate, will ease temporary pressures on hotels and retailers. However, it is unlikely to materially improve long-term conditions in the real estate sector,” said S&P Global Ratings credit analyst Sapna Jagtiani.
“We expect prices to remain under pressure during 2019-2020, and don’t foresee a meaningful recovery in the near term due to the current supply-demand imbalance,” Jagtiani concluded.
Source: Trade Arabia News Service
